Financial Centre Association of Vanuatu’s Post

Connections in the #Philippines, join us at this Fintelekt webinar in association with Solytics Partners on “Transforming AML/CTF Regulatory Compliance in the Philippines” on November 20, 2024 at 11.00 am Manila time. https://lnkd.in/dfMxESGh 🔍 As the regulatory landscape in the Philippines continues to evolve, covered persons face increasing expectations to comply with Anti-Money Laundering #AML and Counter Terrorism Financing #CTF standards and guidelines. 🤔 However, AML/CTF compliance is not without its challenges, from managing vast amounts of data, responding to heightened regulatory scrutiny, to maintaining effective risk management practices. 🏦 Financial and non-financial institutions must remain vigilant, adapting their compliance frameworks to meet these growing demands. In this webinar, Shirish Pathak will encourage our esteemed panelists MILAGROSE MAGUIGAD, Shalini Venkateswaran, Ryan B., Atty DARIUS IAN MANLAGNIT and Atty Ronel Buenaventura to share strategies to strengthen screening, due diligence, transaction monitoring and overall compliance efficiency. Register free at https://lnkd.in/dfMxESGh

Connections in the #Philippines, join us at this Fintelekt webinar in association with Solytics Partners on “Transforming AML/CTF Regulatory Compliance in the Philippines” on November 20, 2024 at 11.00 am Manila time. https://lnkd.in/dfMxESGh 🔍 As the regulatory landscape in the Philippines continues to evolve, covered persons face increasing expectations to comply with Anti-Money Laundering #AML and Counter Terrorism Financing #CTF standards and guidelines. 🤔 However, AML/CTF compliance is not without its challenges, from managing vast amounts of data, responding to heightened regulatory scrutiny, to maintaining effective risk management practices. 🏦 Financial and non-financial institutions must remain vigilant, adapting their compliance frameworks to meet these growing demands. In this webinar, Shirish Pathak will encourage our esteemed panelists MILAGROSE MAGUIGAD, Shalini Venkateswaran, Ryan B. and DARIUS IAN MANLAGNIT to share strategies to strengthen screening, due diligence, transaction monitoring and overall compliance efficiency. ✅ Register free at https://lnkd.in/dfMxESGh

📢FATF Grey List Changes: FATF, the Financial Action Task Force (FATF) which is the global money laundering and terrorist financing watchdog, has made major changes to the criteria for putting countries on its lists in order to focus on those countries posing greater risks to the international financial system and thereby relieve pressures on least developed countries by contributing to more adequate support to these low-capacity countries. Specifically, the grey list identifies countries with strategic deficiencies in their AML/CFT system. Using a tailored action plan, countries on the grey list are assessed by and work with a group of experts to fix the gaps in their system. It is a peer-led process and these changes will apply for the next round of assessments.   Read full details here: 👉 https://lnkd.in/e3thjzGs     #AML/CFT #AML #AntiMoneyLaundering #FinancialCrimeCompliance #FATF

🚨 FATF's New Mutual Evaluation Process: Key Changes & Challenges 🚨 🌍 Financial Action Task Force (FATF) last week introduced major updates to its Mutual Evaluation procedures, significantly enhancing how countries are assessed for compliance with Anti-Money Laundering (AML), Counter-Terrorist Financing (CFT), and Countering Proliferation Financing (CPF) standards. These changes reflect a more focused and adaptable approach to protecting the global financial system. 🔍 Key Changes: 1️⃣ Risk-Based Focus: FATF now targets jurisdictions that present the highest risks to the global financial system, ensuring more detailed and robust reviews for high-risk areas. 2️⃣ Comprehensive Reviews: Countries are now evaluated on both technical compliance (laws, regulations) and effectiveness (real-world impact). This dual focus offers a complete and transparent evaluation of how well countries are tackling financial crime. 3️⃣ Support for Lower-Income Nations: Lower-income nations will only be prioritised if they pose significant risks in terms of #moneylaundering or #terroristfinancing. They are also granted more time and support to improve compliance without facing undue pressure. 4️⃣ Stricter Oversight of Financial Institutions (FIs) and Virtual Asset Service Providers (VASPs): FATF has placed increased scrutiny on how FIs and VASPs implement AML/CFT measures, especially in high-risk jurisdictions. These sectors are now central to the evaluations and must demonstrate robust compliance frameworks. 5️⃣ Political Concerns and Fairness: Despite FATF’s emphasis on objectivity and transparency, there are ongoing concerns about political lobbying. Let's see how this plays out from a political perspective as FATF continues to strive for fairness and impartiality in its evaluations. 🌐 Overall, these reforms are designed to sharpen FATF’s focus on high-risk countries while providing flexibility for lower-capacity nations. FIs and VASPs need to stay proactive, as their role is now under greater scrutiny. FATF’s commitment to transparency continues, though challenges around political interference remain a topic of concern. 💼 #FATF #AML #CFT #VASPs #FIs #FinancialCrime #MoneyLaundering #TerroristFinancing #Compliance #Effectiveness.

🇺🇸🇵🇦 * Panama has faced challenges in aligning its anti-money laundering and combating the financing of terrorism (#AML/#CFT) framework with global norms, leading to being "grey listed" by the Financial Action Task Force (#FATF) at times. * Panama’s compliance with FATF standards was reviewed in 2017 for their AML/CFT regime. * Panama's assessment of mutual evaluation found key weaknesses in the nation's AML/CFT system, particularly in detecting and stopping the abuse of legal entities and structures for #moneylaundering. * Panama was placed on the #greylist by the FATF in June 2019 and stayed on it until October 2023, even after its action plan deadlines expired in January 2021, due to mounting pressure from the FATF. * By successfully fulfilling all tasks outlined in its action plan and undergoing an onsite assessment in September 2023, the country was able to move off the grey list during the FATF October 2023 Plenary.

🔍 FATF Amends Procedures for Enhanced Global AML/CFT/CPF Compliance FATF Procedures Availble Here! As of May 2024, the Financial Action Task Force (FATF) has updated its mutual evaluation and follow-up monitoring procedures to strengthen the global fight against money laundering (ML), terrorist financing (TF), and the financing of proliferation of weapons of mass destruction (CPF). Key Highlights: 1️⃣ Mutual Evaluations & Follow-Up Monitoring: Assessments based on the time since the last evaluation, ML/TF risks, and the size of a country's economy and financial sector. Priority given to countries with outdated assessments, higher risks, and significant financial sectors. 2️⃣ Post-Evaluation Actions: Countries have three years to address identified deficiencies. Failure to take action may result in public FATF concerns and other measures. 3️⃣ Results-Oriented Follow-Up: Focus on specific actions to tackle ML, TF, and CPF. 4️⃣ Six-Year Evaluation Cycle: Ensures timely and effective government action against ML, TF, and CPF. 5️⃣ Revised Procedures and Methodology: Introduced in 2022, commencing the 5th round of evaluations in 2024. Continuation of the 4th round procedures for countries still under evaluation. Why This Matters: The FATF’s revised procedures emphasize a shorter evaluation cycle, greater scrutiny, and robust follow-up mechanisms, ensuring that member countries maintain focus on effective AML/CFT/CPF actions. Let's stay committed to a safer global financial system. #fatf #aml #cft #cpf #financialsecurity #globalcompliance #antimoneylaundering Ref: https://lnkd.in/dAskZ7pB

Changes are being implemented to update key elements of the Island’s AML/CFT framework. The Authority, in conjunction with the Department of Home Affairs and Treasury, has led a revision of the Proceeds of Crime Act 2008 and the Designated Business (Registration and Oversight) Act 2015. Those amendments take effect from today, Friday 25 October 2024, while the new Travel Rule (Transfer of Virtual Assets) Code 2024 comes into operation from Monday 28 October 2024. The intention is to achieve consistency across the Island’s AML/CFT legislation and ensure greater alignment with international standards and the definitions and terminology set by the Financial Action Task Force (FATF), the organisation that leads global action to counter money laundering, terrorist financing and proliferation financing. Full news release: https://lnkd.in/eBdU2HNx

Isle of Man businesses 🚨 are you all set for the updated AML/CFT Framework? Updates to the Proceeds of Crime Act and Designated Business Act are in force today, with the Travel Rule Code coming in on Monday ‼️ Check out the press release from the FSA below ⬇️ #isleofman #amlcft #regulations #proceedsofcrime #poca #designatedbusiness #vasp

Today is an exciting and long-awaited day for AML/CFT researchers and practitioners 🌟 Three major components of the EU AML Package are finally published in the Official Journal of the EU: - AML Regulation (EU Single Rulebook): Regulation (EU) 2024/1624 of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (https://lnkd.in/eTuY-N3A) - AMLA Regulation: Regulation (EU) 2024/1620 of 31 May 2024 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (https://lnkd.in/eXGkVkjA) - 6th AML Directive: Directive (EU) 2024/1640 of 31 May 2024 on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (https://lnkd.in/eX4x-U3w) Enjoy! #AMLCFT #AMLPackage #FinancialIntegrity #AntiMoneyLaundering #FinancialRegulation #FinancialCrime #EULaw

Critical updates are live in the Island's AML/CFT framework. The Authority, Home Affairs, and Treasury revised the Proceeds of Crime Act 2008 and the Designated Business Act 2015, effective today, October 25, 2024. "The implementation of the Travel Rule, which aligns with the FATF Recommendations in the Isle of Man's national legislation, marks a significant step towards strengthening measures to combat money laundering and terrorist financing while further integrating the jurisdiction into the global financial system." - comments Anastasia Sakharova, Head of Fintech Compliance Team at Sumsub. The new Travel Rule Code starts October 28 and aligns with FATF standards for AML/CFT consistency across the Island. Learn more about Sumsub's Travel Rule solution 🔗 https://lnkd.in/dgqia34v